Lost keyboard shortcut for beginning-of-line/end-of-line
Solution 1:
I remember having the same problem in some apps after upgrading to Lion. A reboot fixed it for me.
Workaround: use Ctrl+A (instead of ⌘+←) to move the cursor to the beginning of the line and Ctrl+E to move the cursor to the end of the line (instead of ⌘+→). This works in all Cocoa-based applications.
Solution 2:
Thanks to the commenter Lri for pointing to this question: Command+right/left stopped working! It made me browse through the system shortcuts again, and lo and behold - Cmd+Left & Cmd+Right were indeed in plain sight as shortcuts for "Move Left a Space" and "Move Right a Space" - I didn't even look there before because I did not use Spaces at all in Snow Leo, and so I assumed these shortcuts were inactive. Now the upgrade to Lion and Mission Control activated them, but I still had only one space so they did nothing.
So it was enough to actually redefine them to something else to regain the beginning/end-of-line functionality.
Sorry everyone for misleading with the wrong information (turns out I did not actually browse through all possible shortcuts...)